FWW & CTC in bonus share issues

The Board of Directors of F.W. Woolworth & Co. (Cyprus) and Cyprus Trading Corp. (CTC) decided at separate meetings held on May 17 to propose to their respective AGMs the free distribution of buy-back shares.

The Board of FWW decided to propose at the AGM of the company, to be held on June 8 the free distribution of a total of 1.460.913 shares that had been purchased under the buyback scheme in the ratio of 1 bonus share for every 65 shares held. The distribution of the shares will be made after the payment of the dividend of 7.5% on nominal value or 1.5 cent per share.

After the bonus share issue, the total number of FWW shares will amount to 96.380.220 shares of 20 cent nominal value. FWW said in an official announcement that based on the audited results, the book value of the company is 75.1 cent as at December 31, 2004, while the traded price on the CSE is only 21 cent per share.

CTC

The Board of CTC decided to propose at the AGM of the company, to be held on June 15 the free distribution of a total of 1.718.816 shares that had been purchased under the buyback scheme in the ratio of 1 bonus share for every 53 shares held. The distribution of the shares will be made after the payment of the dividend of 5% on nominal value or 2.5 cent per share.

After the bonus share issue, the total number of CTC shares will amount to 92.792.067 shares of 50 cent nominal value. CTC said in an official announcement that based on the audited results, the book value of the company is 60 cent per share as at December 31, 2004 compared to the traded price of 30 cent.